1154 1St StCrystal River, FL 34429

Property Details for 1154 1St St

Year built

1971

Lot size

1.04 AC

Property size (Sq ft)

3,552 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a fully tenanted, five-unit apartment building situated in Crystal River, Florida. The property consists of two one-story buildings, totaling 3,552 square feet on a 1.04-acre lot. Building one houses three units, while building two contains two units; all units are spacious two-bedroom, one-bathroom apartments. Currently, all five units are occupied, generating a strong and immediate cash flow. The property boasts a 6.41% cap rate and a net operating income (NOI) of $38,460, with a total annual expense of $18,894 (including management fees). The asking price is $600,000, or $120,000 per unit, representing a price per square foot of $168.92. The property is zoned R1 and R2, offering potential for expansion and increased income generation through the addition of up to three more units. Built in 1971, this Class C multifamily property presents a compelling owner-user investment opportunity in a desirable Florida location. The property's strong occupancy rate and potential for future growth make it an attractive addition to any investment portfolio. This is a rare opportunity to acquire a stable, income-producing asset in a growing market.

Location Insight

City

Crystal River

County

Citrus

State

Florida

Latitude

28.8958

Longitude

-82.5723

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